Amazon entered the hardware arena with its Kindle e-readers back in 2007 and then the Kindle Fire in 2011. Now, its stepping into the world of smartphones -- and the spec rumors have only just begun.

Just last week, it was reported that Amazon was expected to release its first smartphone in November 2012. The e-tailer is working with Foxconn International Holdings Ltd. to make the new device, and it is looking to compete with the likes of Apple's iPhone and Google's Android-powered phones.

According to The Wall Street Journal, Amazon's new smartphone will have a 4 to 5-inch screen. This lands in the realm of the iPhone, which will now have a 4-inch screen, and Samsung's Galaxy S III, which is a bit on the larger side at 4.8 inches.

Amazon plans to release the new smartphone either later this year or early next year. The e-tailer is currently testing the device.

In addition to a smartphone, Amazon is also looking to release the successor to its original Kindle Fire tablet this year. Some specs have already leaked, such as the 1280x800 resolution, an aspect ratio of 1.60 rather than 1.71, and a thinner, lighter frame. According to AllThingsD, the new tablet should be released in late Q3 2012.